What are you mainly going to be using the PC for?
If you already have a 500GB drive, that's fine, but if you look at the price of new 500GB drives, they are generally only a fiver less than a 1TB, so they're not good value.
Similarly if you look at SSDs, I couldn't find a 32GB, but a 64GB is ~£45, a 128GB ~£70, so you get double the capacity for less than twice the price.
With HDD, SSD and RAM, you generally find there's a "sweet spot" where you get the most GB for your money and it's generally not the lowest, or highest capacities, but somewhere in the middle.
My GPU recommendation was on the basis that the PC would mainly be for gaming, or if not mainly, gaming is likely the only really taxing thing you'll be doing with it, as general web browsing, e-mailing and office applications don't need much processor oomph at all. In fact, other than gaming, the only things that really tax CPUs are video editing, CAD and 3D modelling and perhaps working on really large photo/raster files.
As such, I suggest saving on the CPU and motherboard and putting more towards the GPU. As I mentioned, I have an Intel core i5 2500K with a mild overclock to 4.5Ghz, now two or three years old, but it's plenty fast enough for everything I do, which includes web site design, programming, database development, graphic design, the usual office stuff and some gaming. Modern CPUs, mine included automatically clock back when they're not doing something CPU intensive and for pretty much everything except games my CPU ticks over at 1.6GHz and only boosts to 4.5GHz during some games, or if I screw up when I'm programming and create a never ending loop.
At the moment, I feel no need to upgrade my CPU, motherboard or memory, but my similarly aged Nvidia GTX460 struggles with the more graphics intense games and I generally have to reduce screen resolution and turn down some of the settings to get fast enough frame rates.
I think you could also cut back on RAM, 16GB is probably overkill, I have 8GB, now about £50.00, and I rarely use more than 50%.
Also, bear in mind that for some time now, PC game graphics have to some extent been held back by consoles, as most games are ports of console games. With a the new XBOX and PS4 about to be released, we may see more graphically demanding PC games in the near future.